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TURING CHAOS INTO OPPORTUNITY
HFMA 2014 Spring Institute Dr. Michael Burcham President & CEO The Nashville Entrepreneur Center [email protected]
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Part 1 | The Current Chaos
HFMA 2014 Spring Institute 05.20.14 | Burcham
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AN ERA OF UNPRESCEDENTED OPPORTUNITY
!• A New era of Consumerism!• New Financial Models and Insurance Constructs !• The fusion of Medical and Social Data!• Explosion of Mobile Technology!• Shift from Classic B2B | Now B2B2C, C2B & B2C Models!• Influx of New Entrants in the Industry!!!
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HIGH DEDUCTIBLE PLANS GO MAINSTREAM!
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ACA | IMPLEMENTATION TIMELINE
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AVERAGE DEDUCTIBLES FOR VISITS ARE INCREASING
Source: PwC 2013 Health & Well-Being Touchstone Survey
In-Network at Out-of-Network Deductibles
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CONSUMERS ARE DISCOVERING THAT CONVENIENT CARE IS EFFICIENT CARE
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INDUSTRY CONSOLIDATION HAS LED TO HIGHER PRICES | FOR NOW
Source: Irving Levin Associates, 2013
Hospital Deals on the Rise
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HOSPITAL PRICES REMAIN A MYSTERY FOR CONSUMERS
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HOSPITAL READMISSION PENALTIES
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Part 2 | The New Market Reality
HFMA 2014 Spring Institute 05.20.14 | Burcham
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…While Expanding the Fitness & Wellness Space
New Players Will Disrupt the $3 Trillion US Health Economy Drawing Billions from Traditional Players
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Of the 2013 Fortune 50 Companies, 24 are New Healthcare Entrants.
Source: Fortune 50, 2013
New entrants will propel the
Democratization of Healthcare –
Empowering Consumers
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Have you (or someone in your household) ever sought healthcare
treatment in a retail clinic?
Would you (or they) go to a retail clinic again in the future?
AS HEALTHCARE GOES RETAIL | THERE’S ROOM FOR GROWTH
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35 - 54 YEAR OLDS ARE MOST LIKELY TO CHOOSE NEW OPTIONS FOR CARE
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• Diagnostics • Primary Care • Online Support
Source: HRI Consumer Survey, December 2013
CONSUMERS | THEY ARE READY TO GET CARE IN NEW WAYS & IN NEW PLACES
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MOBILE | THE FUTURE OF HEALTHCARE
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MOBILE | 2005 vs 2014
2
80% Don’t leave home without their device
Source: Google, Our Mobile Planet
2005 2014
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CONSUMERS TURN TO TECHNOLOGY TO COMMUNICATE WITH PROVIDERS
How willing would you be to communicate with your doctor, nurse or caregiver in the following way?
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More than half of consumers want to shop for healthcare...but their preferred method of doing so doesn’t exist yet
Source: HRI Consumer Survey, December 2013
OPPORTUNITY | CONSUMERS WANT AN AMAZON.COM STYLE EXPERIENCE
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GROWING THE $267 BILLION WELLNESS AND FITNESS MARKET
Source: HRI Consumer Survey, December 2013
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80 Million
Wearable wireless sensors for fitness and wellbeing by 2016.
Adoption is driven by device availability & new social patterns that encourage people to record and share fitness data
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The ideal experience is increasingly being defined by non-clinical elements, such as convenience, amenities, and customer service.
AN IDEAL EXPERIENCE PROMPTS 34% OF CONSUMERS TO SWITCH PROVIDERS
Source: PwC 2013 | Customer Experience Radar Research
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Part 3 | From Chaos To Opportunity
HFMA 2014 Spring Institute 05.20.14 | Burcham
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1. FOCUS ON THE BUSINESS MODEL | Base your business models on generating value in the New Health Economy.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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2. INNOVATION IS NOT CREATED EQUAL | Aim for disruptive leaps as customers will reward truly transformative services. Embrace a fast, frugal, frequent failure model to quickly develop and test ideas (think “lean startup”).
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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3. TURN THE TABLES | Consider a Consumer-to-Business (C2B) strategy. Use consumer data to refine business models, enhance consumer experience and earn greater loyalty.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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4. ENGAGE RISK MANAGEMENT | Traditional rules of healthcare still apply. Involve regulatory, legal and compliance counsel early.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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5. COLLABORATE | Blend the best of Emerging ventures and incumbents. Fill skill and asset gaps.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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6. BIGGER THAN A WEBSITE | Healthcare’s next generation consumer is mobile and lives online. It will take more than a website to thrive in the New Health Economy.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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7. CONSUMER CENTRIC | Evaluate everything from operating hours to availability of clinicians via digital devices to transparency of pricing and quality – through the Eyes of the Consumer.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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8. DO WHAT MATTERS MOST | Carefully evaluate whether to chase commodity revenue or develop new revenue models anchored on core capabilities. Invest in new ones.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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9. THINK VALUE | Challenge traditional thinking in healthcare – focus on the customer, who wants and needs change and is critical to enabling it.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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10. EMPHASIZE QUALITY | Match or beat incumbents on quality by using innovative approaches such as virtual networks of experts for second opinions.
BUSINESS PRINCIPLES TO TURN CHAOS INTO OPPORTUNITY 10
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Part 4 | A Few Local Favorites
HFMA 2014 Spring Institute 05.20.14 | Burcham
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The Online Patient Self-Scheduling Solution
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of online consumers are comparison shopping on 2+ hospital websites before accessing care. 64% |
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$112,824 Opportunity cost of losing one hospital website visitors
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IASIS Healthcare
ü Started InQuicker
partnership with 3 EDs in 2012
ü 13 IASIS sites now have scheduling in ED, Urgent Care, and Physicians’ Clinics
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35% vs. 29%
Commercially Insured
$21,665,785
InQuicker program ROI
RESULTS
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+
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Less Noise | More Signal
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THE COMMUNICATION PROBLEM
Super-Sized Health Systems have a fragmented approach to internal communications leading to confusion, loss of information and
decreased engagement.
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AN ELEGANT SOLUTION
A Communication Management Systems and Mobile App that strengthens and streamlines internal communications.
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Why It Matters
Engaged staff are 50% more likely to show an attitude of
genuinely caring about patients than non-engaged staff.
Hospitals with above median
HCAHPS scores report 37% high operating income.
Towers Watson, 2013
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Product Features
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Core Functionality
Pulse Surveys
Calendar Integration
Interest Management
Push Notification
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Time Matters in Cardiac Care
Josh Nickols, PhD MBA Chief Executive Officer
6.7 Deaths in the US
313 Deaths Worldwide
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Cardiology
ECG Technician
Most ECG systems print on thermal paper
ECG USE REMAINS WIDELY UNCHANGED
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CARE PROVIDERS ARE IN NEED OF A SOLUTION
Faxing Scanning Phone Camera
Cell phones and Faxes are Solutions BandAid
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CELLPHONES AND EMAIL CREATE PROBLEMS FOR HOSPITALS
Unreadable
ECG tracings
Violations of healthcare law
70% loss of tracings
Unsigned reports: Medicare fraud
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CURRENT ECGS DON’T FIT THE PRESENT MODEL OF HEALTHCARE
Obsolete within 24 months
Delays through hospital server systems
Relatively immobile
ECG devices and data systems are expensive
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1”
INVISIONHEART ECG
- Small and Highly Portable - Higher Resolution than Conventional ECGs - Accessibility
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InvisionHeart
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10 MINUTES
ECG OVER-READ SERVICES
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Part 5 | An Entrepreneurial Mindset
HFMA 2014 Spring Institute 05.20.14 | Burcham
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• Search • Big Data • Indoor Mapping • Online Scheduling • Near Field Communication • Mobile Diagnostics • Connected Devices
• Wearable & Embedded Technologies
• Wellness Apps • Virtual Visits | Telemedicine • Mood Detection • Gesture Recognition • 3d Printing & Bio-Printing
WHAT IS IMPACTING HEALTHCARE CONSUMER BEHAVIOR?
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Source: The New Multi-Screen World Study | Google, August 2013
CONSUMER CHOICE IS OFTEN MADE IN CONTEXT OF TIME & ACCESSIBILITY
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MULTI-CHANNEL LIFE MOST CONSUMERS HAVE A
Customers
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EMPLOYERS
SEARCH
PROVIDERS
SERVICE VENDORSA
HEALTH PLANS
APP MAKERS
Customers
AROUND THE CONSUMER HEALTHCARE STAKEHOLDERS ARE ALIGNING
You are competing with every other type of
healthcare entity for “shelf space” with the consumer.
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WHY AREN’T HOSPITAL MARKETERS DOING THIS?
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Two-way communication with consumers. Digital engagement is part of corporate DNA
Analytics integrated into business, standardization, data driving behavior modification of consumers
Lean Startup mindset for new ideas | strategic partnerships driving innovation & service lines
Focus on value and centered around consumer, close to home, through digital devices
Business Models
Consumer Engagement
Data Driven Design
New Innovation
THERE IS NOT BETTER TIME TO TURN CHAOS INTO OPPORTUNITY THAN NOW